Cash payment over 20000/-
This query is : Resolved
Padam Singh
(Querist)
23 January 2013
Can i make the cash payment excess of Rs. 20000/- for the whole fiscal year for different article (goods)from same vendor.
Thanks
Thanks
CA PARAS BAFNA
(Expert)
23 January 2013
You have to take care that a single payment should not exceed Rs 20000/-. If you are purchasing the goods against separate Invoices or Bills, individual bill amount should not exceed Rs. 20000. If Individual Bill exceed 20000/ make the payment in part.
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CA Prashant Gupta
(Expert)
23 January 2013
no single cash payment exceed 20000. if you pay more than 20000 then check no bill exceed 20000. else this will be disallowed for income tax purpose.
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